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  • Canara Bank Personal Loan

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  • Personal loans offered by Canara bank can be taken with interest rates starting from 11% p.a.

    • Special interest rate for BSNL employees
    • Processing fee of 0.5%
    • Maximum personal loan of Rs.3 lakh
    • Loan tenure up to 5 years
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    Features of Canara Bank personal loan

    • Easy access to loans for various reasons like marriage, home renovation, higher education, etc.
    • Affordable interest rates and other charges
    • Minimal documentation process

    Compare Canara Bank personal loans

    There are two different types of personal loan products offered by Canara Bank. These loans are mainly intended for customers to take care of their immediate financial requirements.

    Let’s compare the interest rate and other features of these loans.

    Canara Budget
    Interest Rate With salary tie-up: 13% (MCLR + 4.30%)
    Without salary tie-up: 14% (MCLR + 5.30%)
    BSNL employees: 11% (MCLR + 2.30%)
    Loan Amount Maximum of Rs.3 lakh or 6 times the monthly gross income (whichever is less) is offered as loan under this scheme.
    Benefits Minimal documentation with loan sanctioning within just a few weeks
    Canara Teachers Loan
    Interest Rate 12.65% (MCRL + 3.95%)
    Loan Amount A maximum loan amount of Rs.3 lakh or 10 times the gross monthly income (whichever is less) is available under this scheme.
    Benefits Minimal documentation with loan sanctioning within just a few weeks

    Fees and charges

    The processing fees associated with Canara Bank personal loans are given as follows:

    Canara Budget 0.5% of the loan amount must be paid as processing fees.
    This is subject to a minimum of Rs.1,000 and maximum of Rs.5,000.
    Canara Teachers Loan 1% of the loan amount is charged as processing fee under this scheme.
    This is subject to a minimum of Rs.50.
     

    Eligibility for Canara Bank personal loans

    The eligibility criteria for both loan products offered by Canara Bank personal loans differ slightly from each other. They are given as follows:

    Canara Budget

    • This loan facility is available to salaried employees of joint stock companies as well as public sector units.
    • Various government officials may also apply for this loan.
    • The applicant must have at least Rs.10,000 per month or 25% of his take home salary (whichever is higher) after paying the loan installments.
    • The loan facility is available only for those who have their salary accounts in Canara Bank.

    Canara Teachers Loan

    • This loan scheme is designed exclusively for the teaching and non-teaching staff working in a school or college.
    • This loan facility is available only for teachers who have their salary accounts in Canara Bank.
    • The applicant must have at least Rs.10,000 per month or 30% of his monthly take home salary after meeting the monthly EMI obligations.

    Documents required

    • 3 passport size photographs
    • Latest salary slip
    • Form 16 or ITR for the last 3 years
    • Co-obligation document
    • Pronote or pronote covering letter

    How the EMI calculation works?

    Illustration

    Let’s assume that you take a personal loan from Canara Bank for Rs.1 lakh. The interest rate applicable to this loan is 13% p.a. for a repayment tenure of 1 year. The EMI information and repayment schedule for the loan is given as follows:

    Months Principal Interest EMI Balance Percentage of loan paid to date
    Apr Rs.7,848  Rs.1,083  Rs.8,932  Rs.92,152  7.85% 
    May  Rs.7,933  Rs.998  Rs.8,932  Rs.84,218  15.78% 
    Jun  Rs.8,019  Rs.912  Rs.8,932  Rs.76,199  23.80% 
    Jul  Rs.8,106  Rs.825  Rs.8,932  Rs.68,093  31.91% 
    Aug  Rs.8,194  Rs.738  Rs.8,932  Rs.59,899  40.10% 
    Sep  Rs.8,283  Rs.649  Rs.8,932  Rs.51,616  48.38% 
    Oct  Rs.8,373  Rs.559  Rs.8,932  Rs.43,243  56.76% 
    Nov  Rs.8,463  Rs.468  Rs.8,932  Rs.34,780  65.22% 
    Dec  Rs.8,555  Rs.377  Rs.8,932  Rs.26,225  73.78% 
    Jan  Rs.8,648  Rs.284  Rs.8,932  Rs.17,577  82.42% 
    Feb  Rs.8,741  Rs.190  Rs.8,932  Rs.8,836  91.16% 
    Mar  Rs.8,836  Rs.96  Rs.8,932  Rs.0  100.00% 

    Compare Canara Bank personal loan with loans from other lenders

    Fees and charges Canara Bank Personal Loan Bank of Baroda Personal Loan Citibank Personal Loan Aditya Birla Capital
    Fees and charges  Canara Bank Personal Loan  Bank of Baroda Personal Loan  Citibank Personal Loan  Aditya Birla Capital 
    Interest rate  11% p.a. onwards (for BSNL employees)  11.35% p.a. onwards  10.99% p.a. onwards  11% p.a. onwards 
    Processing fee  0.5% + GST  2% + GST  0.25% to 3.00% + GST  2% + GST 
    Foreclosure charges  Contact the bank for details  N/A  4% of the principal outstanding  3% of the outstanding loan amount 
    Late payment fee  Contact the bank for details  2% of the overdue amount per month  Contact the bank for details  2% of the overdue amount per month 
     

    Brief Summary

    Canara Bank is one of the renowned public sector banks in India. The bank has different types of loan products to help customers who need financing for various purposes. The personal loan products offered by the bank are designed to provide instant relief against a person’s domestic needs. The money obtained from a Canara Bank personal loan could be used for anything ranging from financing of your home renovation to taking care of an unexpected medical expense. The personal loan offered by the bank starts with an interest rate of 13% for non-government employees.

    FAQs for Canara Bank Personal Loan

    Are there any restrictions imposed by the bank on how I spend the loan amount

    No. The bank does not impose any restrictions on how you spend the loan amount. You may use it for any domestic or personal needs including wedding, higher education, or urgent medical expenses, etc.

    How can I keep track of my loan application?

    If you apply for the loan through Bankbazaar, you can get notifications in the form of SMS and email. You may also use the Bankbazaar mobile app to keep track of your application.

    What is the current lending rate of Canara Bank?

    The current one-year marginal cost of funds-based lending rate (MCLR) of Canara Bank is 8.70% with effect from 7 October 2018. The bank may modify this rate based on changes in market conditions. The interest rates for various loan products are calculated based on this rate. For instance, the interest rate for Teachers Loan is 12.65%, which is nothing but one-year MCLR + 3.95%.

    What is the maximum repayment tenure available for Canara Bank personal loans?

    The maximum repayment tenure for the Canara Budget loan is 60 months. For Canara Teachers Loan, the maximum repayment tenure is 48 months.

    Why should I provide co-obligation for getting these loans?

    In the case of unsecured personal loans, there is no collateral with which the bank can recover the loan amount in case of a default. This is the reason why the personal loans offered by Canara Bank require co-obligation. This co-obligation must be provided by a suitable individual and it should be equivalent to the loan amount.

    What is the maximum personal loan amount offered by Canara Bank?

    Canara Bank offers a maximum loan amount of Rs.3 lakh under both its personal loan schemes. However, for certain cases, the bank may consider a higher quantum if the applicant is a valued customer. You may visit the bank directly to enquire about the higher quantum of personal loan available.

    I am an engineering student who holds a savings account in Canara Bank. Can I get a personal loan under the Canara Budget scheme?

    No. Canara Bank personal loans are offered only for salaried employees of various government and non-government institutions. You must have regular income and provide proof of employment before the loan application can be processed by the bank. If your parents are salaried employees, you may ask them to take a personal loan.

    Is it possible to get a discount in interest rates for personal loans?

    The interest rates for personal loans offered by Canara Bank are fixed. It is not possible to get a discount on these interest rates for any reason. Special interest rates are provided only for BSNL employees.

        

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    Canara Bank Personal Loan Reviews

    • Canara Bank Personal Loan
      "Good Loan"
      0.5 3.0/5 "Satisfactory"
      The process is not that much user friendly. There is no separate customer care service for any kind of clarification i need to visit their branch. Once i visit the staffs are supportive. The bank timing is not convenient for working people. They will provide the tenure period of 10 years for the loan amount of Rs. 8 lakhs.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 22, 2019
    • Canara Bank
      Canara Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan from CANARA BANK one one and a half year before. The interest rate has been nominal and the charges which they had made also not much high.Since I am holding a salary account with them the process was easy. They have provided with sufficient amount for the tenure period of 6 years.
      Was this review helpful? 0
      , narwana
      Reviewed on Aug 13, 2019
    • Canara Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan from CANARA BANK two months back and the experinece i had with them was good. The interest rate has been nominal and the charges whcih they had made has also not been high. Their customer support team hadd been helpful and they where responsive.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jun 24, 2019
    • Canara Bank Personal Loan
      "Good Interest rate for personal loan"
      0.5 5.0/5 "Blown Away!"
      Previously , I taken a 50,000 as a personal loan from Canara bank . They just taken three days for sanctioning the loan . I closed that loan in on time and now I applied for the another loan of more than 1 lakh . That will be sanctioned with 2-3 days of time . Even their interest rate is nominal .
      Was this review helpful? 14
      , chennai
      Reviewed on Apr 15, 2019
    • Canara Bank Personal Loan
      "VERY GOOD"
      0.5 5.0/5 "Blown Away!"
      I had taken the personal loan form canara bank.Payment option is very easy if we are holding the savings account.There is no processing fee,rate of interest is very less.Time frame is quite long but the fees and charges are very less.Proper documentation was done.I had taken personal loan for 2 times which is very helpful.
      Was this review helpful? 5
      , coimbatore
      Reviewed on Mar 30, 2019
    • Canara Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with CANARA BANK , the tenure period is 1 year . They charge high rate of interest compare to other . The loan amount is 50000 and it is very satisfactory with this bank . Rate of interest is high . There is no hidden charges with this bank .
      Was this review helpful? 7
      , gurgaon
      Reviewed on Mar 17, 2019
    • Canara Bank Personal Loan
      "Good bank for personal loan"
      0.5 3.0/5 "Satisfactory"
      Bought my personal loan from Canara bank. 15 years ago, i have got this card and the rate of interest was low. They have offered me a loan through company wise. The EMI has been deducted through the salary. I have chosen the tenure period for 3 years.
      Was this review helpful? 10
      , bangalore
      Reviewed on Jan 26, 2019
    • Canara Bank Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Personal loan with Canara bank and i would say they were good in services. I never had any complaint with the services. When i had submitted the application, it was processed on time. There was no delay and overall i carried a good experience. The loan has been closed.
      Was this review helpful? 3
      , chennai
      Reviewed on Dec 19, 2018
    • Canara Bank Personal Loan
      "Processing should be simpler"
      0.5 3.0/5 "Satisfactory"
      Before 2 years I took loan with Canara Bank, I have to visit to the bank twice or thrice. When directly going to the bank to take long time finally they taken 1.5 month to disburse the loan, The interest rate is low compared to Citi, but getting guaranteer is difficult. They were charging all the processing fee too.
      Was this review helpful? 6
      , bangalore
      Reviewed on Dec 05, 2018
    • Canara Bank Personal Loan
      "Good Customer service"
      0.5 5.0/5 "Blown Away!"
      I do have Canara bank personal loan , its my nodel bank I have working in debt recovery. The bank gave me best interest rate, the loan process was also quick it went very smoothly. Everything completed within half working day and disbursed the loan with 2 days.
      Was this review helpful? 7
      , bangalore
      Reviewed on Nov 30, 2018
    • Canara Bank Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I took personal loan based on the saving account, they gave me the interest around 7.5% for the loan amount Rs. 4 lakhs, the bank staff are cooperative and helpful with me. They processed my application within 24 hours they disbursed the loan amount.
      Was this review helpful? 7
      , bangalore
      Reviewed on Nov 14, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with CANARA BANK , they offered 12.99% interest rate and it is nominal in the market . There is no processing fee with this bank . The process and services was too smooth i receive my loan on time . Loan amount is 200000 and it is satisfactory .
      Was this review helpful? 11
      , bangalore
      Reviewed on Oct 22, 2018
    • Canara Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Canara bank and my experience was good, the loan amount was for Rs 2 lacs with nominal interest rate when compared to other banks. Customer service was good and they responded on time; The tenure period for this loan is 3 years.
      Was this review helpful? 10
      , bangalore
      Reviewed on Sep 29, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The experience i had with this personal loan had not been that great. The process has taken almost 15 days, the loan amount which they had provided had been okay. The interest rate with them has been good when compared with the other banks, their customer support and their staff responses also had been good as well.
      Was this review helpful? 7
      , chennai
      Reviewed on Sep 14, 2018
    • Canara Bank Personal Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      Canara Bank is doing good in the loan process as well. I have taken a personal loan. The interest rate and processing charges is normal. The customer services and response is good and the process to provide the loan was smooth. The after loan services are good too.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 27, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The process in getting the loan had been a little slow and had taken some more time than usual. The loan amount had been satisfactory and the interest rate which they had been charging had been nominal when compared with the market rate. Their customer support and the customer support also had been good and their staff responses had been prompt as well.
      Was this review helpful? 10
      , bangalore
      Reviewed on Jul 29, 2018
    • Canara Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good service which they had provided so far. The process in getting this loan had been very good and the loan amount which they had provided had been satisfactory as well. After applying the loan has been disbursed immediately, and there hasn't been any hassle faced with the banking services.
      Was this review helpful? 5
      , chennai
      Reviewed on Jul 18, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Canara bank as they have provided nominal rate of interest with zero processing fees . They instantly approved with 1-2 days . They gave the tenure period of 10 years .Payments get auto debited from my salary .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 10, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I took a personal loan from the Canara bank for 3.5 lacs, I got the loan amount with in 10 days. Some personals willing to help and sometimes some staff will not respond properly. On some instances I the experience was good but some clerks are not willing to help.
      Was this review helpful? 3
      , chennai
      Reviewed on Jun 21, 2018
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with CANARA BANK which was taken 5 years back. The loan amount was 4,.5 lakhs and the interest rate 11% which is average , The tenure period was4 years . The customer service and responses was always good . I have not faced any issues here and they have sanctioned the loan with the committed time. There is no per closure charges also.
      Was this review helpful? 7
      , new delhi
      Reviewed on Apr 17, 2018
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